Usha Martin Ltd Q1 net profit up at Rs.32.22 Crores

Usha Martin Ltd has announced the following Un-Audited results for the quarter ended June 30, 2007.

The Company has posted a net profit after tax of Rs.322.2 million for the quarter ended June 30, 2007 where as the same was at Rs.203.3 million for the quarter ended June 30, 2006. Total Income is Rs.3769.4 million for the quarter ended June 30, 2007 where as the same was at Rs.3131.4 million for the quarter ended June 30, 2006.

The company has reported an Earnings Per Share (EPS) of Rs.6.45 for the quarter ended June 30, 2007 compared to Rs.4.59 during quarter ended June 30, 2006.

During the quarter under review the Company has issued and allotted 2,175,000 Equity shares of Rs 5/- each to certain companies in promoter group upon conversion of Equity Warrants issued in earlier years against receipt of Rs 137.70 per warrant being balance 90% of the issue price. The Shares allotted rank pari passu in all respect with the existing equity shares.

During the quarter under review the Company has acquired 3,000,000 Shares of USD 1 each of Brunton Shaw Americas Inc. (BSAI) from a subsidiary Company, making BSAI a direct wholly owned subsidiary. Further, the Company has invested in 3,200,000 Equity Shares of Rs 10/- each of Pengg Usha Martin Wires Pvt Ltd. an existing joint venture Company.

The stock closed the day at Rs.282, down by Rs.2.85 or 1%. The total traded quantity was 256010 compared to 2 week average of 87000. The stock hit an intraday high of Rs.288 and low of Rs.278.

Source : Equity Bulls

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